We completed the acquisition of Citigroup Inc.’s consumer banking business in Taiwan in August 2023. Following a successful integration, including the move of some 3,000 employees to DBS, we are now Taiwan’s largest foreign bank by assets, accelerating our consumer business growth in the market by at least a decade. DBS Taiwan has clear market leadership in loans, deposits, cards and investments among foreign players, enabling us to provide greater value to customers.

We continued to make headway in growing our Greater Bay Area (GBA) franchise, both in wealth management as well as in banking corporates in the electric vehicle, high-tech manufacturing and new economy industries. We also upped our stake in Shenzhen Rural Commercial Bank (SRCB) from 13% to 16.69%. SRCB is a high-returns bank in which we are the largest shareholder, and gives us a good footprint in the GBA.

In Singapore, DBS continued to be the market leader across deposits and mortgages. Our customers have also improved their financial health with our AI-powered digital financial planning tool, which combines content with customised advisory nudges and recommended solutions that suit a customer’s risk profile. This has enabled us to become the market leader in digital bancassurance offerings.

Following the integration of Lakshmi Vilas Bank, we have more than 520 branches in over 350 locations across India. In addition, we have a complete suite of products and services for every market segment. Outside of Singapore, we now have the most complete banking platform in India.

In Indonesia, we continued to support state-owned enterprises (SOEs) in line with the country’s push towards sustainable development. As at end December 2023, we have disbursed around USD 1.3 billion of credit to SOEs, with about 11% of this going towards ESG-related initiatives.